Pasithea Therapeutics (NASDAQ:KTTA) Trading Down 1.6% – Here’s What Happened

Pasithea Therapeutics Corp. (NASDAQ:KTTA) dropped 1.6% on Wednesday . The stock traded as low as $0.4960 and last traded at $0.5115. 222,806 shares were traded during trading, a decline of 86% from the average daily volume of 1,616,662 shares. The stock had previously closed at $0.5198.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Zacks Research upgraded Pasithea Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, June 1st. HC Wainwright restated a “buy” rating and set a $3.00 price objective on shares of Pasithea Therapeutics in a research report on Tuesday, June 16th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Pasithea Therapeutics in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Pasithea Therapeutics has an average rating of “Hold” and an average price target of $3.00.

Pasithea Therapeutics Stock Performance

The company has a market capitalization of $12.76 million, a P/E ratio of -0.25 and a beta of 0.29. The firm’s fifty day moving average is $0.64 and its 200-day moving average is $0.78.

Pasithea Therapeutics (NASDAQ:KTTA) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.33. As a group, analysts expect that Pasithea Therapeutics Corp. will post -0.76 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of KTTA. Citadel Advisors LLC lifted its stake in shares of Pasithea Therapeutics by 43.7% in the 3rd quarter. Citadel Advisors LLC now owns 67,341 shares of the company’s stock valued at $48,000 after acquiring an additional 20,483 shares during the last quarter. Geode Capital Management LLC grew its position in Pasithea Therapeutics by 113.9% during the 4th quarter. Geode Capital Management LLC now owns 54,495 shares of the company’s stock worth $70,000 after acquiring an additional 29,020 shares during the last quarter. AdvisorShares Investments LLC grew its position in Pasithea Therapeutics by 10.8% during the 1st quarter. AdvisorShares Investments LLC now owns 337,508 shares of the company’s stock worth $250,000 after acquiring an additional 32,787 shares during the last quarter. Jane Street Group LLC increased its holdings in Pasithea Therapeutics by 137.0% in the 4th quarter. Jane Street Group LLC now owns 59,372 shares of the company’s stock worth $77,000 after purchasing an additional 34,319 shares in the last quarter. Finally, Two Sigma Investments LP acquired a new position in Pasithea Therapeutics in the 3rd quarter worth about $26,000. 23.92% of the stock is currently owned by institutional investors.

Pasithea Therapeutics Company Profile

Pasithea Therapeutics, Inc (NASDAQ: KTTA) is a clinical‐stage biopharmaceutical company focused on the discovery, development and eventual commercialization of engineered antibody therapeutics for immunological diseases. Leveraging a proprietary discovery engine that integrates advanced computational biology, high-throughput screening and structural analysis, the company aims to identify and generate novel therapeutic molecules that modulate key immune pathways.

The company’s pipeline consists of multiple preclinical and early clinical candidates targeting autoimmune and inflammatory disorders.